Understanding Short Selling Property When Moving Out of California
Depending on the state of your property in California, you may have different options. One of which is distress selling. This concept can be confusing for new home sellers. But when you understand how it can benefit you, you may want to take advantage of it to offload your California property faster as one of the many steps to take during an out-of-state move.
What Is Short-Selling Distressed Property?
Short selling property happens when you sell for a lower amount than the remaining total on the mortgage. For instance, if you still have $250,000 on the mortgage and sell the house for $225,000, that is a short sale. Because you need to have approval from your mortgage lender before going through this process, you should only consider it in very specific situations that your real estate agent can help you to identify.
What Is a Distressed Property Sale?
Sometimes, you may have a distressed property that you don’t necessarily need to short sell for financial reasons. In these cases, selling the property often comes at a lower sale price to hasten the property movement and get you money faster. People often choose this option to sell the property to pay for medical expenses or if they need to move out of state. As with standard short selling, distressed property sales are complex and require expert guidance through the process.
Why Would You Want to Sell Your Distressed Property?
Selling a distressed property often happens for those who want to move out of state and need money from their property sale quickly to make a down payment on their new home. Leaving California comes with relocation costs that need covering. Selling a distressed property can help with paying for those expenses while unburdening you of your home.
Don’t Go Alone When Preparing for Your Out of State Move Trust IMPACT Properties to Help
Don’t go alone when relocating to another state. Get help from us at IMPACT Properties. The first step is finding out how much your property could be worth by putting your address in at our homepage. Then, let us help you with all the aspects of your move to another state.
Sources
https://iwanttomoveoutofstate.com/blog/dont-forget-these-important-tasks-when-moving-out-of-state
https://www.investopedia.com/terms/d/distressale.asp
https://www.investopedia.com/terms/r/real-estate-short-sale.asp